Nationally, New York City is one of the most followed and most luxurious real estate markets. It’s even inspired TV shows, such as Million Dollar Listing. So, if you want to keep up with this market, you’ve got to stay alert.
Recently, NYC&G asked a panel of top brokers in the city all about the NYC market as it stands now and here’s what they had to say.
How has the New York City market changed since last year?
Scott Harris of Brown Harris Stevens: Rates are low enough now that demand has exploded. The metrics we use to measure demand-deal velocity, showing activity, and offer activity-are all up.
Danielle Wiedemann of Sotheby’s International Realty: There has been a significant uptick in very high-end transactions, and there also seems to be more rental inventory.
Lisa K. Lippman of Brown Harris Stevens: The pace of the market has quickened in step with increased competition. Buyers will think they have the upper hand, however, they will quickly realize that they in fact do not.
What neighborhoods are in highest demand?
Monica Novo of Douglas Elliman Real Estate: Tribeca and the West Village continue to represent the A+ segment of the market, despite facing low inventory. In Brooklyn, Greenpoint, Fort Greene, and Clinton Hill are also popular.
DW: Currently, I’m seeing demand for homes with prime park views on Fifth Avenue and Central Park West, as well as the Upper West Side in general, the West Village, Greenwich Village, and SoHo.
Best neighborhood to find a deal?
Kathy Murray of Douglas Elliman Real Estate: With increased inventory and lingering subdued demand post-COVID-19, Midtown East and Midtown West present excellent opportunities for buyers.
Wendy Arriz of Sotheby’s International Realty: There’s a lot of growth taking place in the Financial District, in terms of both rentals and sales.
Daniel Kandinov of The Corcoran Group: In Brooklyn, we’re seeing buyers focus their searches on Greenwood Heights and South Slope, where they can find better deals, more space, and less competition compared to nearby Park Slope.
What type of properties are currently most popular?
DK: Multi-family townhouses continue to be popular-especially gut-renovated brownstones that carry the option for rental income. Additionally, prewar townhomes typically have significantly lower property taxes when compared to new condos.
KM: Renovated resale condos located in amenity-rich buildings offer the convenience of immediate occupancy but at a more affordable price than new developments.
LL: Many of the co-op buildings lining Central Park and the city’s iconic avenues have reimagined common spaces, increased amenity offerings, and more flexible building policies. As a result, buyers are setting their sights on co-op with an increased level of interest and enthusiasm.
Are there any specific amenities that clients are asking for?
DK: As many continue to work from home, clients are seeking multiple office spaces to accommodate both partners.
KM: There has been a noticeable yearning for private outdoor space as a result of the pandemic, especially among people who had relocated to the suburbs and are now returning to the city full-time.
What are your predictions for the coming year?
MN: If interest rates continue to decline, it’s likely we’ll witness an increase in inventory accompanied by higher prices. The uncertainty surrounding an election year may give pause to some consumers.
WA: Whether interest rates come down today or sixth months from now, it’s a great time to be a buyer in New York as the stock market is at an all-time high and sellers are more realistic.
DK: Inventory is expected to rise slightly, but turnkey properties will continue to be high in demand as current construction and lending costs have deterred some people from taking on gut renovations of their own. The number of new condominium projects will be significantly lower than in years past.
